Africa Prudential Plc has published its financial statement for the full year ending December 31, 2024, reporting a pre-tax profit of N2.8 billion.
This indicates a 94.94% year-over-year (YoY) increase from the N1.4 billion announced for the previous year, amid a rise in full-year revenue.
For 2024, revenue increased by 23.91% YoY to N1 billion, compared to N872.5 million reported in the prior year.
Of this revenue, fees from corporate actions accounted for 69.9%, while register maintenance represented 30.00% of the total.
Additionally, the company’s total assets rose to N34.8 billion, reflecting a 51.62% year-over-year increase, and retained earnings grew to N8.1 billion, up 8.11% from the previous year.
Considering these positive results, Africa Prudential announced a final dividend of 60 kobo per 50 kobo ordinary share, subject to withholding tax, to be paid to shareholders listed in the Register of Members as of the close of business on March 21, 2025.
When combined with the interim dividend of 15 kobo paid at half-year, the total dividend for the 2024 financial year will amount to 75 kobo per ordinary share.
Key Highlights (2024 vs 2023)
- Revenue: N1 billion, +23.91% YoY
- Interest income: N4.1 billion, +33.64% YoY
- Gross earnings: N5.1 billion, +31.49% YoY
- Other income: N307.7 million, +754.90% YoY
- Other operating expenses: N1.4 billion, +7.05% YoY
- Pre-tax profit: N2.8 billion, +94.94% YoY
- Post-tax profit: N2.8 billion, +95.05% YoY
- Earnings per share: N0.91, +89.58% YoY
- Total assets: N34.8 billion, +51.62% YoY
- Retained earnings: N8.1 billion, +8.11% YoY
Commentary
Africa Prudential Plc reported full-year revenue of N1 billion, reflecting a 23.91% increase compared to N872.5 million in the previous year.
- Fees from corporate actions comprised 69.9% of this revenue at N756.8 million, while register maintenance accounted for 30.0% at N324.3 million.
Interest income also rose by 33.64% year-over-year to N4.1 billion, up from N3 billion reported in 2023.
- Interest on term deposits represented 86.5% of the total, while interest on bonds made up 13.0%, totaling N534.9 million.
Other income increased significantly by 754.90% year-over-year to N307.7 million, with rental income and dividend income contributing N167 million and N103.1 million, respectively.
- However, other operating expenses also increased, rising to N1.4 billion from N1.3 billion. These expenses included annual dues and subscriptions, write-offs of financial assets, legal and professional fees, and general administrative costs.
Ultimately, the company reported a pre-tax profit of N2.8 billion, up 94.94% year-over-year from N1.4 billion in 2023, with post-tax profit also standing at N2.8 billion, a 95.05% increase from the previous year.
Asset position
The company’s total assets increased by 51.62% to N34.8 billion, up from N22.9 billion reported in the previous year.
- Debt instruments at amortized cost constituted a substantial portion of these assets, making up 75.6% at N26.3 billion. Within this, deposits with banks maturing in over 90 days accounted for N24.7 billion of the debt instruments.
- Equity instruments at fair value through Other Comprehensive Income (OCI) represented 12.9% of total assets at N4.5 billion, compared to N3.6 billion the previous year.
- The remainder of the assets consisted of trade and other receivables, cash and cash equivalents, and other assets.
